The global off-grid solar market is anticipated to reach $5.82 Billion by 2032, growing from $1.89 Billion in 2022 at a CAGR of 12.3% from 2023 to 2032.
Off-grid solar refers to a solar gadget that is not linked to the electrical grid. They deliver a dependable and sustainable supply of electricity for several applications, such as powering homes, cabins, farms, telecommunications equipment, and water pumping systems. By utilizing solar energy, off-grid solar systems offer several benefits. They decrease dependence on fossil fuels and mitigate greenhouse fuel emissions, contributing to a cleaner and greater sustainable power future.
The raising awareness regarding climate change and the environmental influences of fossil fuels have led to accelerated interest in renewable strength sources like solar power. Off-grid solar structures provide a clean and sustainable choice to fossil fuel-based electrical energy generation, helping to decrease greenhouse gas emissions and fight climate change. Many nations have set renewable strength targets, and off-grid solar plays a quintessential position in accomplishing these goals. This has led to positive effects on the public situation and the environment, such as renewable power sources, environmentally friendly, and cost savings. The Increased adoption of solar power and other sustainable solutions can contribute to a cleaner and more sustainable future, helping to reduce the negative impacts of climate change and promote a healthier environment for all. Fossil fuel-based electrical energy technology is an enormous contributor to greenhouse fuel emissions, which are a major reason for climate change. The extraction, transportation, and combustion of fossil fuels release carbon dioxide and other pollutants into the atmosphere, contributing to international warming and air pollution. Off-grid solar systems offer a clean and environmentally friendly alternative, as they produce electricity without emitting greenhouse gases.
The lack of awareness and information about off-grid solar solutions is expected to restrain the growth of the market, specifically in remote areas. In remote areas, humans may have limited access to data sources such as the Internet, newspapers, or television. This lack of information can make it difficult for them to analyze the benefits and availability of off-grid solar solutions. They might also no longer understand how solar panels work, how to deploy them, or how they can take advantage of producing their very own electricity. Off-grid solar structures provide electricity independence, permitting customers to generate their very own electricity. This is particularly recommended in regions with unreliable or confined grid infrastructure. Off-grid photovoltaic gives a decentralized and resilient energy solution, making sure of a stable power grant for the duration of grid outages or natural disasters.
Off-grid solar structures enable customers to generate their very own electricity, reducing their reliance on centralized electricity grids. By using solar energy, individuals, communities, and businesses can become self-sufficient in meeting their power needs, regardless of the availability or exceptional grid power. Off-grid solar solutions contribute to decentralizing strength generation. Instead of relying totally on large-scale strength vegetation and transmission networks, off-grid structures distribute strength technology across more than a few localized installations. This method reduces the stress on centralized grids and improves general grid effectivity by reducing transmission losses. It also allows people to take control of their energy supply, promoting sustainability, and lowering dependence on fossil fuels.
The COVID-19 pandemic has had significant effects on the market for off-grid solar. The off-grid solar industry closely relies on global supply chains for parts such as solar panels, batteries, and different device components. The pandemic caused disruptions in manufacturing and logistics, leading to delays and shortages in delivering these materials. This affected the usual production and deployment of off-grid solar systems. The financial slowdown caused by lockdowns and restrictions resulted in reduced demand for off-grid solar solutions. The economic uncertainty and prioritization of essential needs during the pandemic led to a decline in sales and installations.
The key players profiled in this report Include ABB Ltd., Schneider Electric SE, Canadian Solar, Engie, SMA Solar Technology ag, Jinko Solar Holding Co. Ltd, SunPower Corporation, Delta Electronics, Greenlight Plant, and Hanwha Group. The market players are continuously striving to achieve an upper hand in this competitive market using strategies such as collaborations and acquisitions.
Off-grid solar refers to a solar gadget that is not linked to the electrical grid. They deliver a dependable and sustainable supply of electricity for several applications, such as powering homes, cabins, farms, telecommunications equipment, and water pumping systems. By utilizing solar energy, off-grid solar systems offer several benefits. They decrease dependence on fossil fuels and mitigate greenhouse fuel emissions, contributing to a cleaner and greater sustainable power future.
The raising awareness regarding climate change and the environmental influences of fossil fuels have led to accelerated interest in renewable strength sources like solar power. Off-grid solar structures provide a clean and sustainable choice to fossil fuel-based electrical energy generation, helping to decrease greenhouse gas emissions and fight climate change. Many nations have set renewable strength targets, and off-grid solar plays a quintessential position in accomplishing these goals. This has led to positive effects on the public situation and the environment, such as renewable power sources, environmentally friendly, and cost savings. The Increased adoption of solar power and other sustainable solutions can contribute to a cleaner and more sustainable future, helping to reduce the negative impacts of climate change and promote a healthier environment for all. Fossil fuel-based electrical energy technology is an enormous contributor to greenhouse fuel emissions, which are a major reason for climate change. The extraction, transportation, and combustion of fossil fuels release carbon dioxide and other pollutants into the atmosphere, contributing to international warming and air pollution. Off-grid solar systems offer a clean and environmentally friendly alternative, as they produce electricity without emitting greenhouse gases.
The lack of awareness and information about off-grid solar solutions is expected to restrain the growth of the market, specifically in remote areas. In remote areas, humans may have limited access to data sources such as the Internet, newspapers, or television. This lack of information can make it difficult for them to analyze the benefits and availability of off-grid solar solutions. They might also no longer understand how solar panels work, how to deploy them, or how they can take advantage of producing their very own electricity. Off-grid solar structures provide electricity independence, permitting customers to generate their very own electricity. This is particularly recommended in regions with unreliable or confined grid infrastructure. Off-grid photovoltaic gives a decentralized and resilient energy solution, making sure of a stable power grant for the duration of grid outages or natural disasters.
Off-grid solar structures enable customers to generate their very own electricity, reducing their reliance on centralized electricity grids. By using solar energy, individuals, communities, and businesses can become self-sufficient in meeting their power needs, regardless of the availability or exceptional grid power. Off-grid solar solutions contribute to decentralizing strength generation. Instead of relying totally on large-scale strength vegetation and transmission networks, off-grid structures distribute strength technology across more than a few localized installations. This method reduces the stress on centralized grids and improves general grid effectivity by reducing transmission losses. It also allows people to take control of their energy supply, promoting sustainability, and lowering dependence on fossil fuels.
The COVID-19 pandemic has had significant effects on the market for off-grid solar. The off-grid solar industry closely relies on global supply chains for parts such as solar panels, batteries, and different device components. The pandemic caused disruptions in manufacturing and logistics, leading to delays and shortages in delivering these materials. This affected the usual production and deployment of off-grid solar systems. The financial slowdown caused by lockdowns and restrictions resulted in reduced demand for off-grid solar solutions. The economic uncertainty and prioritization of essential needs during the pandemic led to a decline in sales and installations.
The key players profiled in this report Include ABB Ltd., Schneider Electric SE, Canadian Solar, Engie, SMA Solar Technology ag, Jinko Solar Holding Co. Ltd, SunPower Corporation, Delta Electronics, Greenlight Plant, and Hanwha Group. The market players are continuously striving to achieve an upper hand in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the off-grid solar market analysis from 2021 to 2031 to identify the prevailing off-grid solar market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the off-grid solar market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global off-grid solar market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- ABB Ltd.
- Schneider Electric SE
- Canadian Solar
- Engie
- SMA Solar Technology ag
- Jinko Solar Holding Co. Ltd
- SunPower Corporation
- Delta Electronics
- greenlight plant
- Hanwha Group
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OFF-GRID SOLAR MARKET, BY APPLICATION
CHAPTER 5: OFF-GRID SOLAR MARKET, BY REGION
CHAPTER 6: COMPETITIVE LANDSCAPE
CHAPTER 7: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'OFF-Grid Solar Market,' The off-grid solar market was valued at $1.9 billion in 2021, and is estimated to reach $5.8 billion by 2031, growing at a CAGR of 12.3% from 2022 to 2031.Off-grid solar refers to a system that generates electricity from solar energy and operates independently of the traditional power grid. It is designed to provide electricity in areas that are not connected to the main utility grid or in situations where individuals or villages choose to be self-reliant and not rely on the grid.
The off-grid solar system prices have decreased significantly over time because of technology advancements and economies of scale. These systems provide a more affordable option than building out network infrastructure in remote locations, which may be quite expensive. Off-grid solar power makes decentralised electricity generation more economical since it does not require significant transmission and distribution networks. Off-grid solar system prices have decreased significantly due to developments in power electronics, batteries, and solar panel technology. Greater energy output per unit area is now possible owing to improved solar panel efficiency and cost. Better energy storage and power management for off-grid systems are now possible due to advancements in battery technology in terms of cost, durability, and storage capacity. In addition, cost-effective power electronics like inverters have improved, allowing for a greater conversion of solar energy into useful electricity. Off-grid solar systems are becoming more affordable owing to technology advancements and economies of scale, which make them a viable option for decentralised energy production.
However, the limited energy storage ability is a potential restraint of the off-grid solar market growth. Off-grid solar systems usually use batteries to save energy for use when sunlight is no longer available, such as at night or during cloudy weather. Modern battery technologies have certain limitations that can affect the availability of electricity in off-grid solar systems. These barriers in energy storage capability and lifespan can result in conditions where off-grid solar structures cannot provide sufficient electrical energy during extended periods of inclement weather, such as during prolonged durations of rain or heavy cloud cover. In addition, high strength demand for the duration of certain times may exceed the capacity of the batteries, leading to limitations in accessing electricity.
The off-grid solar allows for decentralized energy generation, reducing dependence on centralized power plants and transmission lines. This decentralized approach enhances energy resilience and reduces the risk of power outages, especially in areas prone to natural disasters or with unreliable grid infrastructure. Moreover, off-grid solar systems can power small-scale productive activities, such as agricultural processing, small businesses, and cottage industries. Access to reliable electricity can enhance productivity, income generation, and overall economic development in off-grid areas. The off-grid solar market promotes innovation in solar PV, energy storage, and energy management systems. There is ongoing R&D to improve the efficiency, durability, and affordability of off-grid solar products. This creates opportunities for technological advancements and the emergence of new business models. Off-grid solar allows for decentralized energy generation, reducing dependence on centralized power plants and transmission lines. This decentralized approach enhances energy resilience and reduces the risk of power outages, especially in areas prone to natural disasters or with unreliable grid infrastructure. These factors are anticipated to boost market growth in the upcoming years.
The off grid solar market share is segmented on the basis of application and region. By application, it is classified into residential, commercial, and industrial. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the off grid solar market report include ABB Ltd., Schneider Electric SE, Canadian Solar, Engie, SMA Solar Technology ag, Jinko Solar Holding Co. Ltd, SunPower Corporation, Delta Electronics, Greenlight Plant, and Hanwha Group.
The report offers a comprehensive analysis of the global off grid solar market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Off-Grid Solar Industry
The off-grid solar industry heavily relies on global supply chains for components such as solar panels, batteries, and inverters. The pandemic disrupted these supply chains, causing delays and shortages, which affected the availability and affordability of off-grid solar systems. The economic impact of the pandemic led to financial constraints for individuals and businesses, affecting their ability to invest in off-grid solar systems.COVID-19 impacted almost all industries as lockdown measures and social distancing guidelines made it difficult for off-grid solar companies to conduct installations, repairs, and maintenance. This posed challenges in deploying new systems or providing timely support and services to existing customers.
The economic slowdown caused by the pandemic resulted in reduced demand for off-grid solar products. Many households and businesses faced financial constraints, making it difficult for them to invest in renewable energy solutions. In addition, lockdown measures and restricted mobility limited the ability of companies to carry out installations and promote their products.
Key Findings of the Study
- Based on application, the industrial sub-segment emerged as the global leader in 2021 and the residential sub-segment is anticipated to be the fastest growing during the forecast period.
- Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain its position during the forecast period.
Companies Mentioned
- ABB Ltd.
- Schneider Electric SE
- Canadian Solar
- Engie
- SMA Solar Technology ag
- Jinko Solar Holding Co. Ltd
- SunPower Corporation
- Delta Electronics
- greenlight plant
- Hanwha Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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